Canada Pension Plan Investment Board (CPPIB) is about to close the purchase deal of IndoSpace, a warehousing company owned by private equity fund Everstone Group, for about $700 million.
Everstone Group, which owns 8.5 million sq. ft. of industrial property through IndoSpace, felt the need of a minority partner for the capital infusing in its warehousing assets but later, decided to go for a complete sale. The agreement for the sale will soon be signed by both of the companies after the required evaluation of its merits.
CCPIB, an asset management company, is going to invest around 40 million sq.ft. of warehouses over the next five years.
IndoSpace is a joint venture between Everstone Capital and Realterm Global and has marked its presence all over India with a list of many top clients such as Nissan, P&G, L’Oreal, DHL, Samsung, Kuo and Levi’s. The company has held its assets through separate special purpose vehicles (SPVs).
Source: ET Realty